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of deadlock in washington. it seems many investors see the fiscal cliff as a slope that will only gradually impact the economy. but washington analysts believe investors may be underestimating the prospect 2013 will roil the economy with a series of fights over taxes, government shut downs and debt limit increases. >> i actually had one hedge fund manager say to me, "oh, they'd never allow to go over the cliff, because they, they being members of congress, would be embarrassed by this. and i don't think wall street understands what it actually takes to embarrass a member of congress on these kinds of issues. >> reporter: if an agreement isn't reached by january 3, the new congress will have to deal with the problem, potentially delaying action even further. darren gersh, "n.b.r.," washington. >> susie: our guest tonight is bullish for 2013. he's wayne kaufman, chief market analyst at john thomas financial. >> so, wayne, give us your bullish case. make the case for us for why you see the dow and the sep up by as much as 12% in 2013. >> well, i do think there's a very good chance that the maj
ceiling even before we tumble over the fiscal cliff. good morning from washington. it is thursday, december 27th. this is "the daily rundown." i'm luke russert. two days after christmas and washington is back to work trying to harsh out a deal to avoid the fiscal cliff. the senate will get back from the session after holiday break. the president is expected to arrive back to the white house without his family to get back to twork mework to meet the loo deadline. mike is at the white house. let's start with you. the consensus around the hill is that we are more likely than not to go over the fiscal cliff, but there is a small chance harry reid could take a house pass bill and amend it and send it back over to the house. what are you hear being that? >> conceivably, but when the president lights upon the south lawn and the marine one later this morning, it's unclear why he is coming back and who will be here with him. as you mentioned, speaker boehner remains in ohio where he is from. he is not coming back to washington. neither is the house of representatives. they simply said it's
believe we will head over the fiscal cliff before washington takes action. >> reporter: the halls of power empty, although negotiators and the president are back at work. >> at the very least, let's agree right now on what we already agree on. >> reporter: an olive branch to the gop, and carrot to corporate giants. the administration now suggesting cutting corporate tax rates. the u.s. has among the world's highest. but closing loopholes that helped google, for instance, avoid $2 billion in taxes last year. >> corporations are a little concerned. >> reporter: gary is optimistic about a deal. >> i'd still rate it better than 50/50. >> reporter: what seems increasingly likely is to allow the country to go over that fiscal cliff, triggering higher taxes. that would allow hard line republicans to vote for lower taxes, a few days later. >> to make them look better? to appease voters. if that's the reason, great. >> reporter: some call it a low form of political shenanigans. >> i think that's horrible, they would put the american people through that. i don't think it's fair to the american peop
reid's remarks as they happen. >>> as the clock ticks down toward the fiscal cliff, washington has a new worry the debt ceiling, treasury secretary tim geithner says the united states will hit its legal borrowing limit on monday. alison kosik is in new york. i feel like it's groundhog day. >> i know it really is. what's old is new again, right, carol? let me kind of back up the bus here. we start talking about the debt ceiling and i know people's eyes glaze over. let me tell you exactly what the debt ceiling is. it's a cap set by congress of the amount of money the federal government can borrow. right now the ceiling is at $16.394 trillion and treasury secretary tim geithner said earlier this week we could hit that debt ceiling on monday, on new year's eve and the treasury will soon start using what it says are extraordinary measures to keep the government from going over the limit so just to give you an example if you're a government worker, that can mean that investments that go into your pension could be suspended, but that won't even buy much time. the next question is, what co
increases go into effect next week. why some believe we will head over the fiscal cliff before washington takes action. >> reporter: the halls of power empty, although negotiators and the president are back at work. >> at the very least, let's agree right now on what we already agree on. >> reporter: an olive branch to the gop, and carrot to corporate giants. the administration now suggesting cutting corporate tax rates. the u.s. has among the world's highest. but closing loopholes that helped google, for instance, avoid $2 billion in taxes last year. >> corporations are a little concerned. >> reporter: gary is optimistic about a deal. >> i'd still rate it better than 50/50. >> reporter: what seems increasingly likely is to allow the country to go over that fiscal cliff, triggering higher taxes. that would allow hard line republicans to vote for lower taxes, a few days later. >> to make them look better? to appease voters. if that's the reason, great. >> reporter: some call it a low form of political shenanigans. >> i think that's horrible, they would put the american people through that
legislation to avoid the entire fiscal cliff. democrats have not. the president returned to washington today for a last minute push before leaving vacation in hawaii he had separate phone talks with congressional leaders but it's not clear that those talks helps. washington's failure to avoid the cliff threatens to undermine the recovery as americans face big tax hikes, adding to the mess the treasurey department is warning that the government will soon be unable to pay its bills. the house republican leaders say they will take action on whatever bill the senate can pass but the senate must act first. abc news washington. >> now for more on the fiscal cliff and what it could mean for your pay we have you covered. just head to the home page, slide show for a break down of what difference situations in washington could mean for your bank account. >>> and we are working for you with only four days left in the year it's a good time to talk about the maryland homestead tax credit application deadline one more time. the credit is used to help off set increase in your state property taxes. that wo
to washington for any kind of votes on the fiscal cliff yet because speaker boehner has not gotten anything to vote on. he has promised house members that he will give them 48 hours notice if they have to come back to both. the senate is in session. they are considering some legislation not related to the fiscal cliff. i asked a spokesman and no response. i did hear that they have two republican senators in maine. what kind of advice are members of congress getting for traveling? they are getting the same advice as we get. take a listen. >> we would tell a member of congress the same thing we would tell any other traveler. check with their airlines before they head for the airport. things here in washington are in real good shape for their arrival. let's check in with nana to see if those numbers will have any problems getting all. >> we are in pennsylvania. we had to stop here because road conditions deteriorated so quickly last night. i wanted to mention this, the first winter storm of 2012 is now claiming 15 lives. this is expected to dump a couple of feet and snow in some places. it loo
until the fiscal cliff. president obama catching a flight back to washington where there's doubt that a deal can get done in time. good morning, everybody, for a thursday morning. very early, 5:00 a.m. on the east coast. welcome to "early start." i'm alina cho. >> i'm drew griffin. john and zoraida are off today. it's 5:00 a.m. in the east. a deadly winter storm system slamming the northeast after hammering the nation's heartland. look at this radar, system serious snowmaker. it's packing destructive winds, six states under winter storm warnings right now. pennsylvania, new york, massachusetts, new hampshire, vermont and maine. all could see a foot of snow or more. more than 200,000 customers spanning several states already without power. 1,700 plus flights canceled yesterday. imagine that. hundreds more already taken off the board this morning. there are six deaths being blamed on the weather since tuesday and the threat hasn't passed yesterday. bonnie schneider, meteorologist checking the system from the cnn center in atlanta. first, we go to ennis standing by in miserable, sno
a deal on the fiscal cliff. however, chief white house correspondent ed henry tells us that washington may have to set with a backup plan to the backup plan. >> christmas tradition for president obama. he and first lady michelle obama saying thanks at the marine corps base hawaii. >> so many of you make sacrifices day in and day out on behalf of the freedom and behalf of the security. >> now the president is giving up some vacation time rushing back to washington aboard air force one late tonight to deal with the looming fiscal cliff. after that red eye, the president will no doubt need coffee. starbucks decided to get political in the washington, d.c., shops, by having employees write come together on cups. ceo howard schultz writing in open letter, "my hope is the simple message will serve as holiday reminder from starbuck of the spirit that bridgeed differences and we have the power to come together and make a difference in every season of the year." the president and speaker john boehner have not spoken in nearly a week. when the house republicans convene conference call today, all
to see. people are really, really tied into the fiscal cliff and worries about washington. if you thought and you questioned it, you shouldn't because the minute that headline broke, look at that market. that's the best we've done. all day long basically since 10:00 a.m.. let's move onto the retailers, all right? i got that out of the way. i really wanted to see because even i began to wonder how tied in are the markets at this time during a holiday week and it showed you. here are the retailers. do-or-die in 2013. according to "the wall street journal" these four names are names to watch. of course we've seen jcpenney, change in management. best buy, will the chairman take over the whole thing? radioshack struggling in electronics. sears, another name right now is to the downside. these are names we will continue to watch and follow closely in 2013. back to you. ashley: very good indeed. thank you very much, nicole. harry reid tanking the markets earlier. but as you say they're talking again maybe in the house on sunday night. so it goes. my next guest has been the head of the nonprofit
called congressional leaders before he left hawaii searching for a way to avoid the "fiscal cliff." danielle nottingham is in washington where it appears little progress is being made. >> reporter: president obama and the senate cut short their holiday vacations to work out a last-minute deal to avoid the "fiscal cliff." they have less than five days to come to agreement before tax hikes and spending cuts kick in. senate majority leader harry reid has a plan to let tax cuts expire for households making more than $250,000 a year along with short-term spending cuts instead of the long-term cuts that would happen if there is nodule. >> the american people are waiting for the ball to drop but it's not going to be a good drop because americans' taxes are approaching the wrong direction. >> reporter: negotiations between president obama and house republican leaders stalled last week. the house is now leaving it up to the democratic-controlled senate to solve the problem before the new year deadline. in addition to the "fiscal cliff," treasury secretary timothy geithner warned congress t
of the fiscal cliff, not a good sign from washington. good afternoon from lori rothman. tracy: no deal in sight. stock trading near their lowest level of the day with five days until the fiscal cliff, we hit it, we had done. washington bureau chief is going to tell us the only way he sees a deal getting done. lori: we are running against the debt ceiling again. and we just raise that? we are borrowing again. new mixed signals on the economy. jobless claims fell to a 5-year low but consumer confidence tumbled as well. the director of economic policy senior fellow kevin hasic will be joining us. tracy: the northeast digging out for several inches of snow and more is on the way. will it be at wet blanket for retailers this critical shopping weekend? time for stocks as we do every 15 minutes, back to nicole petallides on the floor of the stock exchange. 130 points, could be a lot worse considering what we have been going through. nicole: we were talking about the top of the show, confidence numbers, americans felt the lowest level in four months and what we are seeing is the fiscal cliff worries c
on a plan to avoid the "fiscal cliff" today. but house gop leaders say they will not return to washington unless the senate passes a bill. with no deal on the horizon, a new poll finds the gop gets the biggest share of the blame for the stalemate. >> both sides here have a problem with the american people and it's why congress has 11% job approval rating. >> even starbucks is getting itchy for an agreement. its employees are writing "come together" on coffee cups to encourage compromise. >>> hawaii's democratic governor will replace daniel inoue to represent the state of hawaii in washington, d.c. inouye died of respiratory complications last week. on the day he died, the late senator wrote to the governor asking for representative colleen hanabusa to replay him. she made it to the final round of considerations but didn't win that nomination. >>> former president george h.w. bush is in intensive care at a houston hospital with a fever and lingering cough. mr. bush was admitted to the hospital more than a month ago with bronchitis. he was moved to icu sunday. a bush family spokesman says t
.c. and some starbucks in washington, d.c. deciding to jump right into this whole fiscal cliff debate. coffee baristas are -- they've been told to write on coffee cups to say "come together." so they're writing this handwritten message saying come together as a way of encouraging politicians to come together and get this fiscal cliff cliff thing done. no word yet on when people get extra lattes, where they can write get your lazy ass off vacation. >> willis likes that a lot more. >> i womdzer if there's enough room. >> if you're looking for love, you better have a good credit score. take a look at this. ♪ >> okay, yeah. we're not going to say we're going after those guys, but it's the credit score guys. "the new york times" is reporting that credit scores is huge and that could be at the top of the list. they interviewed people across the u.s., and a newspaper discovered a low credit score is a deal breaker in search of love. so if you don't have your act together, take care of that and maybe you'll find love. >> can you imagine, hi, how are you? what is your credit score? >> 420. no, mine
. >> president owe pa ma returns to washington today with five days to avoid the fiscal cliff. >> all eyes will be on the senate after house republicans said it's up to senate leadership to reach a deal. >>> starbucks is urging action asking baristas in his washington, d.c., cafes to write the word "come together" on the cups. >> a new york newspaper facing backlash after it published the names and addresses of local gun owners. >>> a busy shanghai shopping center a shark tank exploded. >>> the windy city of chicago will sport america's most expensive parking meters. >> what do you think about that? >> too much. >> all that -- >> smith catches, shoots puts it up, puts it in at the buzzer! j.r. smith with another game winner! >>> what is your favorite app? >> scrabble. >> sometimes i want to yank that out of your hands. >> and all that matters. >> an endangered thin backed whale watched up on the breezy point section of queens. >> on "cbs this morning." >> i know he's smiling but that medal hanging around his neck there's a 40% chance he'll hang himself with it. captionin
to wondered $50,000. investigators say the fire was accidental. >> america may be going over the fiscal cliff. that prediction from the senate majority leader today after u.s. senators and president obama cut their vacation sure to return to washington. but there is no deal yet and there's a lot of criticism of house members who are still at home, at least until sunday night. jennifer jackson has the latest. >> the senate is back to work as the clock ticks and america gets closer to going over the fiscal cliff. president obama has also returned to washington. house members are still home for the holidays peeping >> i cannot imagine their consciences, wherever they are around the country. we are trying to get something done. >> harry reid is blaming house speaker john boehner for the stalemate and predicts new deal will happen before the end of the year. house republicans have rejected any compromise where the wealthiest americans no longer get a tax cut. others are still optimistic. >> these deals come together at the last minute. to paraphrase ronald reagan, there has got to be a pony here s
leaving his vacation in hawaii. he has important talks scheduled to avert the fiscal cliff. >>> as we showed you, the senate is back in session. they are hoping to strike a deal and avoid the fiscal cliff. we are in washington where some republicans are pessimistic an agreement can be reached. >> reporter: the senate majority leader is on the floor right now. we will take a live look at the capitol. he is trying to get republican support for the latest democratic plan. they got back to work about 15 minutes ago and are considering the president's offer to raise taxes on households making $400,000 or more a year. even if it passes the senate he is concerned about the house where he will need about 30 republicans to cross party lines. the house speaker said he is not making members of the house come back from their break without a 48 hour notice on a vote. in the last -- >> american people i don't think understand the house is operating without the house of house. its being operated with a dictatorship of the speaker. >> reporter: on top of this the treasurey department said the unite
. that is the last day of fiscal cliff talks. the president departed hawaii to return to washington, where it is not just the temperature that is chillier. talks cooled over the holidays over how to avoid the massive tax hikes. they are set to begin in just a few days. >> taxes are going to go up no matter what. they could go up a lot more, and that is where the political hit comes. >> house republicans point the finger at the other chamber, saying the senate must act on a bill to avoid the fiscal cliff. a spokesman for harry reid some are blaming the gop for the holdup. no further legislation can move unless republicans drop their knee-jerk obstructionism. if the country falls off the fiscal cliff, it may feel gradual at first, except on wall street. >> the reaction from the financial markets and the stock markets -- you could see something quick. >> a top ceo is hoping to jolt them into action. he wants employees to write " come together" on the coffee cups. >> i am maintaining my optimism that we will see the republicans and administration come together and do what is right for the coun
return to washington. maybe, allen, just maybe, some resolution of fiscal cliff talks about the end of the week? >> well, just maybe. the trouble is, they look pretty entrenched right now. i think for some ways for the market perspective, that's going to be what we want. but i would say we're beginning to price in the possibility. >> that it doesn't happen, yeah. continuing with the region, the south korean government is forecasting a mild recovery next year. the finance ministry has set a growth target of % for 2013. that compares to the bank's earlier projection of 3.2%. the central bank has now to continue supporting growth. both of these statements were pushing the won higher. you can see the dollar/won trazing down about 0.5% today. >>> a slowdown in the country of china is proving to be short lived. power generation and food processing firms are leading the recovery. >>> and germany's latest exports seems to be recession proof. it's a tradition dating back to the middle ages, but germany's christmas markets are more popular than ever. nbc's andy eckh artson sends this report.
a red eye trip to washington. with the fiscal cliff deadline less than a week away. what it all means for your paycheck. >> reporter: as the president wrapped up his vacation, federal workers trickled back into the nation's capitol. but the only people who can avert the fiscal cliff, members of the house and senate, have not returned. in just six days, a 2% payroll tax is set to expire, along with the bush-era tax cuts, shrinking the average person's paycheck in 2013 by about $1500. long-term unemployment benefits for about two million jobless americans are also set to expire. and 110 billion worth of spending cuts to both domestic and defense programs will start to kick in, forcing layoffs in the public sector and for some private sector government contractors. economists predict that if congress doesn't act, all those cuts and new taxes will push the economy back into a mild recession by mid 2013. the impact of some of these new cuts and taxes wouldn't be felt immediately on january 1. that's because the irs and other agencies didn't expect it to come to this. so it could be a few w
obama has cut short his christmas holiday and is on his way back to washington for the fiscal cliff talks. without a deal, budget cuts and tax rises will automatically start on january 1. a senior congressional reporter with the american news service "politico," says while he is doubtful they will strike a deal before next year, obama and democrats have the upper hand. >> they know that the polls are on their side, that a majority of americans would blame the republicans for the failure, and they know that -- they say president obama was just reelected on a mandate to raise taxes on the stockton% of income earners and the republican party is dead set against tax increases. -- on the top 2% of incoming earners. he wants to raise taxes on folks making more than a million dollars, but that was not enough for democrats and that was too much for lot of republicans. the republicans in the house are the ones who endangered the speaker's efforts to cut a compromise deal. the democrats know that they are the ones that have the upper hand in the fight and if we go into the new year, a new con
off the fiscal cliff. president is flying back to washington tonight unconcern what kind of deal making possibles he will find when we will come back. nor is it clear what kind of deal if any they are will are have to vote on. a lot of digging tonight for dcc's dana bash. >> how likely are we to see a vote and time to avoid going over the cliff? >> it is in part the reason why housep republicans didn't make a decision to bring the house back. at this point what they are trying to figure out is whether or not they can find enough republican ares to cross party lines for what the president proposed before he went to who why. focusing on what he campaigned on. it is a big ask to get ten sep at republicans to ask them to cross over. >> so what more do we know then. it is still being crafted and that is the dance that is being down. what do democrats have to put into this. is there anything that they can do? voting for the president's plan would ace taxes. perhaps democrats think if they can add the extension of the state tax cut. that is part of the negotiation that is going to go on
. >>> and now to the efforts to avoid the so-called fiscal cliff. president obama returns to washington later today and the senate is due in session, but just about everyone agrees with just five days left, the possibility for a grand bargain to avoid across-the-board tax increases and spending cuts is all but lost, and even prospects for watered down deals seems slim. tara mergener is in washington with more. tara, good morning. >> good morning, duarte. yes. hopes for legislation to avoid the fiscal cliff now turns to the senate, but white house and republicans remain far apart. senators and staffers will be filling these empty hallways today trying to work out a deal to avoid the fiscal cliff. higher taxes will give the average american about $1,500 less to spend next year, and economists believe the $110 billion spending cuts will result in more layoffs. senator harry reid has a plan to keep taxes low for everyone making less than $250,000 a year as well as short-term spending cuts until a bigger deal can be reached. >> it is going to be a patch because in four days we can't solve everythi
for nasdaq, waiting for a fiscal cliff negotiations in washington. marvel seeking to overturn a jury's patent infringement findings, you can see the stock continuing to move to the downside u stocks moving on the back of a holiday e-retail satisfaction index, a survey compiling -- a servais compiled between thanksgiving and christmas. amazon on top of the online shopping satisfaction survey you eighth consecutive year, however, customer satisfaction with apple's online store slipping three points this year, apple's lowest score in four years. speak of am, mobile wars heating up, nokia in the news. according to "wall street journal," the lumia phones sold at a discount or pro-sfrird free at some mobile carriers, seeing the stock lower on the day. look at research in motion after the being the best performing stock on the nasdaq 100 yesterday. carl? >> seem marks thank you very much for that seema mody at the nasdaq. >>> shift to bonds and the dollar, rick santelli at the cme in chicago. i did not see your hit on "squawk" but it became legendary on twitter. what happened? >> sometimes you reach
ticks toward the fiscal cliff. nancy cordes is with the president in honolulu. nancy? >> reporter: jim, the president is trading the sand for snowy washington. he'll be back in the nation's capital by mid-morning tomorrow, and most of the u.s. senate will be attempting to get back there by then, as well. but house leaders have not given their members the signal to return to washington and say they won't until the u.s. senate passes a bill to avert the fiscal cliff. as the president wrapped up his vacation, federal workers trickled back into the nation's capital. but the only people who can avert the fiscal cliff, members of the house and senate, have not returned, and, in just six days, a 2% payroll tax is set to expire, along with the bush era tax cuts, shrinking the average workers' paycheck in 2013 by about $1,500. long-term unemployment benefits for about two million jobless americans are also set to expire, and $110 billion worth of spending cuts to both domestic and defense programs will start to kick in, forcing layoffs in the public sector and for some private sector government
return to washington day with just five days left to avert the fiscal cliff. all eyes will be on the senate after house republicans said it is up to senate leadership to reach a deal. daniel lee reports on the scramble to come together fast. >> president obama landing in washington late this morning. the senator replacing senator daniel in a way -- daniel in no way rode with him on air force one. >> i do not see how you can have a grand bargain involving tax reform entitlement changes in a matter of days. >> even starbucks is getting involved, right in "come together" on its cups. speaker john boehner is sitting the route out after failing to get house republicans to support his own plan. >> i think john boehner is being controlled, unfortunately, by the right wing. >> that leaves it up to majority leader harry ring in the red -- harry reid in the rest of the senate to find a solution. harry reid's plan will avoid tax creases for -- tax increases for people making too large and $50,000. >> you will see a two-step process here, one with the media dynamic so you can set
in days. >> washington remains in the same fiscal cliff clitalks. >> reporter: senator leader harry reid and john boehner are both frosty saying it's in the other guy's court saying to avert the largest tax hike in history and reid saying it's time for house republicans to put middle class families first. >> if we go past no deal, the markets are likely to decline in a significant way and involve most americans and they don't want to have themselves blamed for that. >> reporter: already stocks have dropped three days in a row over fiscal cliff fears. from wall street to main street, it is building. >> both parties to are to blame if they don't come up with something. >> we are really in what amounts to a fiscally irresponsible position trying to please everyone and please no one at all. >> reporter: even starbucks tries to hand out advice writing "come together" on every cup. >> reporter: washington could use a warm cup of coffee on a morning like this. complica complicating conversations going forward. treasury secretary, timothy geithner says on the 31st, the u.s. will hit the credit c
about the fiscal cliff problem as well as members of congress return to washington to address the fiscal cliff. talks will take place behind closed doors. no public negotiations set. you have the debt and the fiscal cliff. it's not looking too good right now when it comes to the u.s. economy. >> geithner told congressional leaders that his department is using some accounting measures basically a fancy way of saying they're going to try to free up some cash to hold off, temporarily, this fiscal cliff. but it's still not looking good. >> i don't know about you at home, but kicking the can down the road, this has been happening over and over again. somebody has to make some decisions here. >> it's like in this business, they give you a deadline and you have to hit the deadline. there's no coming in and saying take another ten minutes. it don't work that way in real life. there are americans out there saying, get off your couches, get back to washington, and get the deal done. >> sometimes it's not pretty you when you have to rush, but, hey, get it done. >>> still on the economy now, new sig
away from the "fiscal cliff." he took the red eye from hawaii overnight. senators are set to work today on a plan to avoid the so- called "fiscal cliff." but house gop leaders say they will not return to washington unless the senate passes a bill. with no deal on the horizon, a new poll finds the gop gets the biggest share of the blame for the stalemate. >> both sides here have a problem with the american people and it's why congress has 11% job approval rating. >> even starbucks is gettingismy for an agreement. its employees are writing "col together" on coffee cups in d.c. to try to encourage compromise. >>> hawaii's lieutenant governor brian shots will replace the late democratic senator daniel inouye who died of respiratory complications last week. on the day he died he wrote to the governor asking for a female representative to replace him. she made it to the final round of consideration but did not win the nomination. >>> and former president george h.w. bush is in intensive care at a houston hospital with a fever and cough. mr. bush was admitted to the hospital more than a month
hawaii. five days until we fall off the fiscal cliff. the president returning to washington to try to negotiate things there. doug luzader is life with the president's plans and what could happen if a deal isn't reached in time. >> the president is in the air on board air force one heading back from hawaii. he is going to come back from washington where not much has changed. as far as congress is concerned the senate will be meeting today. interesting little tidbit this is the first time since 19170 there have been legislative business conducted in the weeks of between christmas and new years. we will see some activity on hap t capitol hill. there may be a stopgap measure to try to prevent the calamity that happens at the end of the year if we reach the fiscal cliff. if we do not have some kind of a compromise. here's what's going to happen. just about everybody is going to have a tax increase. the number goes up significantly with incomes. if you are talking 200 to 500,000 in income almost 14,000 dollars in tax hikes. the wealthiest americans people that make a million dollars or
also been at the hospital. >>> they are going to have high level talks regarding the fiscal cliff. here is more from washington d.c. >> reporter: senate for harry reid is trying to get republicans on board with the president's latest offer including raising taxes on those making 400,000 a year not 250,000. senator harry reid will pass this plan and does not want to put it to a vote unless he knows it will pass the housement they want to avoid fitting the call. house speaker john boehner held a meeting with fellow gop leaders and said he would give them 48 hours before calling them back from their holiday vacation meaning saturday is the earliest time a fiscal vote could take place on this deal. treasury secretary tim geithner said the united states will hit the debt ceiling on monday unless he takes extraordinary measures. they believe it could force congress to come up with a deal before monday's deadline but some republicans are not as optimistic. live in washington, ktvu channel 2 morning news. >>> they set $2 billion for unit who made her first court appearance. she was drunk when s
. >> happening now. we have been following the fiscal cliff talks in washington. if this is a live look from the senate floor. treasury secretary timothy diner has told congress the government is on track to hit is bowery limit on monday and that he'll take " extraordinary measures as authorized by law " to postpone a government default. republicans have not been part of the " fiscal cliff " discussions in recent days suggesting much still needs to be done if a deal is to be struck and passed through congress by the end of the year. >> sam garner stated that the government may go out of money on december 31st. he stated that the government may not have enough to spend for next month. >> approval ratings for president obama and his cabinet are mixed. a new poll shows 52 percent of people surveyed approved of the president's performance while 43 percent disapprove. but as president joe biden's numbers are in line with the president. 54 percent approve of his job performance while 40 percent do not. first lady michelle obama has a 73 percent approval rating. all going secretary of state hillary
there is no such meeting and from boehner's people that they haven't been invited. welcome to washington. fiscal cliff negotiations as if to signify how america wants the parties to come together. starbucks barristas today are hand signing each of the coffee cup with the words "come together." anything will do at this point. bring in the panel. steve hayes for "weekly standard." a.b. stoddard, associate editor of the hill. sindcated columnist charles krauthammer. a.b., the res tent numbers-cruncher. what do you make of the back and forth today? >> today was about the drama on both sides and blame game and showing they were going to come and call e want to get down to business before december 31, which is monday. we're not, there are no plans. no paperwork. there are conflicting reports about the meeting. it's all kind of depressing. when you poke arp you find out that the house is returning on sunday. but beyond that, nobody knows anything. >> doug: steve? >> yeah. today, nothing happened other than people using warn-out talking points and a lot of misinformation. harry reid is still blaming grover no
and confetti on the 31st, folks in washington need to start making big decisions regarding that fiscal cliff. here's what will happen if no deal is reached. the economy could fall into a recession. that's been widely reported. the congressional budget office forecasts a drop of .5% in the real gross domestic product and a 9.1% unemployment rate by the end of next year. markets in the u.s. and around the world could take a hit. right now the dow is down almost 100 points. no santa clauz rally this year. managing director of the boston consulting group joins me from chicago. great to see you. happy holidays. let's talk about the effect on the economy. i think it's important to point out that it if no deal is reached by january 1st, some things will take effect right away. 2% increase in payroll taxes. no more unemployment benefits for 2 million americans. others will take a little longer to take effect. having said that, what will be the impact on the economy long-term, do you think? >> i think you have to look at this more than as a fiscal cliff but as a fiscal slide. what we're doing is we'r
dangerous and the reason why so many people in washington are worried about the fiscal cliff is it's too much deficit reduction too fast. so all of this takes place against a debate about how to reduce the budget deficit. that's why you get into this theater of the absurd. >> well, and look at the tape you showed at the opening of the program with keith boykin over and over again showing the dysfunction of congress. they made this so onerous with the belief it would make them do something less onerous and now they're right up against it. >> they really know how to make these crises happen. political correspondent and writer, john howard, thank you very much for joining me and former labor secretary robert reich, thank you for joining me tonight. >>> coming up, the nra has done much more damage than you think. and they've made gun ownership much harder to trace. >>> and the romneys keep trying new explanations for why mitt lost. but they aren't getting any closer to the truth. and as some of you on twitter already know, i am wearing a christmas gift or two on the show tonight. there is st
the fiscal cliff here in washington. that, as you say, that may be what it takes, because we go over the cliff, and then we can deal with this thing in january. and i'm not sure how markets will react to that. you guys have a much better feel. >> we didn't really react that much to the end of the possible end of the world. so i mean that was probably going to be worse than -- >> the mayan thing? >> yeah. that was probably going to be worse than this. so we didn't really react much to that. maybe we shouldn't be surprised. >> right, yeah. maybe everything will be fine. the mayans were wrong. maybe tim geithner is wrong. >> how did they do? why are we listening to them anyway? are they still around? >> exactly. >> anyway, eamon, thanks. >> thanks, guys. >> before we move on, i just want to make one clarification. we were talking about how much these lawyers in this toyota suit are going to make and i got more information for us. it's actually slightly less than $300 million. that was the estimate. the lead lawyer now says it's $200 million, but 18% of the total of the $1.1 -- >> he's m
moves. otherwise we have the debt limit on monday. that is the last day of fiscal cliff talks. the president departed hawaii to return to washington where it is not just the temperature that is chillier. talks cooled over the holidays over how to avoid the massive tax hikes. >> taxes are going to go up no matter what. they go up a lot more and that is where the political hit comes. >> house republicans point the finger at the other chamber saying the senate must act on a bill to avoid the fiscal cliff. the gop is blamed for the holdup. no further legislation can move unless republicans drop their knee-jerk obstruction. the mayfield gradual at first, except on wall street. >> the reaction of the financial markets and the stock markets. you could see something quick. >> a top ceo is hoping to jolts them into action. >> i am maintaining my optimism that we will see the republicans and administration come together and do what is right for the country. >> starbucks its in its message that our players in washington and take me out an ad featuring a quotation from lincoln. will it wo
to washington to try to lead us away from the fiscal cliff. >>> former president george h.w. bush in intentive care. we'll have the latest on that. >>> a vigil for firefighters, a tornado in action and december surfing in the great lakes. good morning. i'm mara schiavocampo. a powerful winter storm that brought an odd mix of tornadoes, heavy winds and snow to the nation's midsection is now wreaking havoc on the northeast. snow and sleet have produced treacherous road conditions from pennsylvania and western new york to maine with more than a foot of snow expected in some areas. this storm so far being blamed for at least six deaths. and as nbc's kurt gregory reports, the storm is creating a post holiday travel nightmare. >> reporter: cleanup on the day after christmas for the deep south. a record of more than 20 tornadoes as a massive storm system ripped through mississippi and alabama and left arkansas with a record-breaking white christmas. that storm system continued its march across the center of the nation wednesday, leaving a near whiteout from detroit -- >> not used to it. it's slick. >
talk less and legislate more. the house has already passed legislation to avoid the entire fiscal cliff. >>> the president gets set to land in washington this hour. there's new word that the president has called all four congressional leaders. reid, mcconnell, boehner and pelosi. . joining me to talk more, we have peter alexander standing by at the white house as well as nbc's mike viqueira on capitol hill. some verbal smackdown, basically flipping the lights back on and harry reid taking to the floor to eviscerate speaker boehner. >> the sad part is you often seen the floor opened that way. mitch mcconnell being later today. i'm sure we'll hear something later. to hear it two days after christmas and a matter of days before we go through the fiscal cliff, obviously not encouraging. harry reid says time is running hout. he doesn't know if they could go through the legislative hurdles. if they have the votes around here, they can legislate the sky is green and the grass is blue. that's not an issue. what harry reid is really saying is mitch mcconnell, get on board, don't try to filibuste
on weather. one big item that congress did not cross over -- cross of the christmas list -- the fiscal cliff. is congress any closer to a compromise? we have more on that from washington. >> kate, house speaker john boehner is calling lawmakers back to washington on sunday with the votes scheduled for early evening. right now, there is no fiscal agreement for them to vote on. with the nation teetering on the brink, president obama return to washington to work on a deal. >> the american people have a right to be upset with this congress. >> the finger pointing continues with democratic leaders accusing house speaker john boehner of putting his political ambitions ahead of the country's fiscal help. >> it is obvious what he is doing. he is waiting until january 3 to get reelected as speaker before entering serious negotiations. >> boehner says that senator reid should "talk less and legislate more." >> republicans have spent over backwards. we have stepped way, way out of our comfort zone. >> the standoff continues. >> right now, the house and senate are in the blame game. each says the onus i
. as the negotiations surrounding that looming fiscal cliff come to a fever pitch just before the new year. but this is also a time of tradition and celebration in the nation's capital, and nobody decks the halls like the team at the white house for christmas. christmas is there, has come to mean a special visit every year, not just from santa claus, but from abc's own barbara walters. barbara? >> terry, in what has become one of my favorite holiday traditions for the fourth year, i had the privilege of interviewing the president and mrs. obama at the white house. this interview was taped days before the tragic shooting in connecticut and was postponed until now. it was the first time the couple sat down together since winning re-election. mrs. obama also took me on a personal tour of what is called the people's house. and it's never more true than during the christmas season. after thanksgiving, more than 80 volunteers from nearly 40 states descend on the white house, trimming 54 trees, plus every nook and cranny. first dog bo is the star of the show. there he is inspecting the decoration
, you guessed it the "fiscal cliff." so far, nobody knows if any significant strides towards a compromise have been made. no negotiations have been scheduled. lawmakers now have less than a week to figure out a deal. the senate is due in session tomorrow. the house has no plans to convene. >>> a weak holiday shopping report to blame for today's wall street losses. all three indices down. >>> also not so great, retail sales. mastercard says americans ended up spending just 0.7% more on holiday gifts this year than last. the worst numbers since 2008, all this is a surprise since analysts were expecting up to 4% increase in sales. cbs 5 reporter mike sugerman found the after-christmas sales aren't so hot either, at least at union square. >> reporter: the sales are good. people just aren't buying. i was at union square earlier. the place was empty. not like sagebrushes were going down the street. i went away for a couple of hours, the place is packed now. so the retailers got to hope these people are buying stuff because they need a post- christmas miracle. susan king wanted to b
to avoid having the economy go over the fiscal cliff nears. as president obama is on his way back to washington, some lawmakers are also expected to get back to the nation's capital. >> with just five days left to reach an agreement, doubts are growing the white house and republicans can cut a deal in time. after spending part of his christmas holiday visiting troops in hawaii, president obama to resume but the talks. congressional aides said the holiday did not bring much progress and form on the initiations have yet to be scheduled. the senate is to attend the session thursday. when the house will reconvene is still uncertain. >> we were talking about the debt ceiling and it came down the 12 hour, the final few minutes before the deadline to get a full-fledged a grim past. >> some economists fear the combination of budget cuts and higher taxes could trigger another recession, as consumers cut back on spending. others said the deadline is not as firm. congress could pass a temporary measure early in the new year doubled will back any changes. political analysts warn some conseque
where the weather is just as frigid as the political climate inside. fiscal cliff talks appear to be going nowhere. the president is trying to hammer out a deal before major tax hikes and spending cuts kick in january 1st. this morning harry reid launched a scathing attack on house republicans for not returning to washington. >> i can't imagine their con chens they are out wherever -- consciences they are out wherever they are and we are trying get something done. >> newly appointed senator flew back with the president today, left governor currently will replace the late senator daniel inouye. >>> that looming fiscal cliff is having a huge effect on the stock market today. you can see the dow is down 135 points over 1%, consumer confidence very low because of concerns that fiscal cliff will cause taxes to rise for everyone if congress tpaeults to work to the. >>> former president george higgs boson bush remains in intensive care he is -- george h.w. bush remains in intensive. doctors suspected he would be home in time for christmas but his condition worsened, he is alert and ta
as the political climate inside. fiscal cliff talks appear to be going nowhere. the president is trying to hammer out a deal before major tax hikes and spending cuts kick in january 1st. this morning harry reid launched a scathing attack on house republicans for not returning to washington. >> i can't imagine their con chens they are out wherever -- consciences they are out wherever they are and we are trying get something done. >> newly appointed senator flew back with the president today, left governor currently will replace the late senator daniel inouye. >>> that looming fiscal cliff is having a huge effect on the stock market today. you can see the dow is down 135 points over 1%, consumer confidence very low because of concerns that fiscal cliff will cause taxes to rise for everyone if congress tpaeults to work to the. >>> former president george higgs boson bush remains in intensive care he is -- george h.w. bush remains in intensive. doctors suspected he would be home in time for christmas but his condition worsened, he is alert and talking to hospital staff. >>> there is a bright spot for
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